Japan’s MUFG predicts 2021 economic recovery for Saudi Arabia

Japan’s MUFG predicts 2021 economic recovery for Saudi Arabia

MUFG, a global financial services group and one of the largest banking institutions in Japan, anticipates a fast and robust economic recovery for Saudi Arabia in 2021, with GDP growth forecasted to rise from -4.8 percent to 3.6 percent, and a combination of a further pick-up in crude oil production as well as a rebound in non-oil sector momentum.

"The energy, vigor and momentum for boosting growth over the long term, supported by the structural transformation economy, while also enhancing the ease of doing business and improving productivity will create further opportunities for Japanese and other corporations in the Kingdom,“ said Hiroaki Fujisawa, head of MUFG's Riyadh branch.